Wheat prices rose more than 5% on Tuesday (28) and reached the highest level since 2008 in US markets, amid the invasion of Ukraine by Russia. Wheat futures contracts, which had already risen sharply in recent days, continued to surpass the mark of US$ 9.84 per bushel (about 27 kilograms) on the Chicago agricultural benchmark exchange.
According to market analysts, wheat is one of the agricultural commodities most exposed to conflict in Eastern Europe, as both Russia and Ukraine are among the largest international exporters. Combined, Russia and Ukraine produce about a quarter of all wheat grown in the world.
The UN and other organizations have already warned that war could have a major impact on the world’s food supply, especially in the poorest nations. The World Food Program (WFP), which supports countries at risk of famine, buys more than half the amount of wheat it stores from Ukraine, UN Secretary-General António Guterres said in a speech on Tuesday.
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